Q.- What is financial planning ?

Ans.- Financial planning is the process of identifying your current financial position, your future financial goals etc and then developing strategies to help you in managing you financial affairs to meet your life financial goals. Financial planning is not a one-time event, but rather an ongoing process which involve everything what you can think related to your finance like investment/ wealth management, net worth analysis, cash flow planning, retirement planning, insurance planning, debt planning, tax planning and estate planning and also will and trust.

Q.- What are the benefits of Financial Planning ?

Ans.- Financial Planning provides direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances. For example should you retire at 60 or postpone your retirement.

Q.- Why you need a financial plan ?

Ans.- There are many reasons you need a financial plan, here are some example to get you start

  1. If you don’t know your destination, how will you reach there?
  2. Are you saving enough?
  3. Are you adequately insured?
  4. Have you planned for your retirement or will you work forever?
  5. Is your financial assets are mapped with your risk tolerance?
  6. What happen to your assets upon your death?
  7. Are you using all benefits available to save tax?
  8. Do you know about inflation and how it will impact on your future financial position?
  9. How does my financial plan get implemented?

Putting the advice into the action is known as implementation of plan. When we presents your completed plan will also discuss implementation options and go ahead.

Q.- Can my financial plan guarantee the achievement of my goals ?

Ans.- Your financial plan is only gives you a road map to achieve your goals. The achievement of your goals will depend on how you implement it. There are some circumstances beyond our control such as inflation, recession, political changes, your individual circumstances etc, which might hamper the achievement of planned results.

Q.- When should I start with my financial plan ?

Ans.- The best time to start your financial plan is now. The good news is that you can achieve your financial goals, if you start early enough. Your money will get more time to work for you if you start early. Planning early increases your return possibility, chances to meet your financial goals and reduce your investment risk.

Q.- What kind of investments product do you recommend ?

Ans.- In our organization we are offering all kinds of investment products and services. The product recommendation will depend on the service you select. In case of financial plan, we recommend the products which suits to your risk profile, can be mapped with your financial plan and helps you to achieve you financial goals.

Q.- What type of information do I have to provide ?

Ans.- Typically, information regarding investments held, number of dependants, income and expenditure details, savings and financial planning needs, etc. The more accurate information you give, the better the quality of advice given.

Q.- What is the cost of a financial plan ?

Ans.- We are charging Rs 15,000 plus service tax to design your financial plan.

Q.- Common Mistakes in Financial Planning Approach ?

Ans.- The following are some of the common mistakes made by consumers in their approach towards Financial Planning:

  1. Confuse Financial Planning with investing.
  2. Neglect to re-evaluate their Financial Plan periodically.
  3. Think that Financial Planning is only for the wealthy.
  4. Think that Financial Planning is for when they get older.
  5. Think that Financial Planning is the same as retirement planning.
  6. Wait until a money crisis to begin Financial Planning.
  7. Expect unrealistic returns on investments.
  8. Believe that Financial Planning is primarily tax planning.